Shawn Carter, better known as Jay-Z, is bringing digital currency to his hometown. On Thursday, Jay-Z and Jack Dorsey announced the launch of the Bitcoin Academy, which will offer free classes on cryptocurrencies for residents of the Marcy Houses in Brooklyn.
Jay-Z said that the first of many would be theBitcoin Academy, a place that taught him a lot. The goal is to give people tools to build independence for themselves.
The academy wants to educate the residents of the Brooklyn public housing complex where Jay-Z was born and raised and to help them become more financially aware. The classes will be taught by two people. Residents can sign up for the academy by giving their basic information. They will be able to take in-person and virtual classes from June 22 to September 7. The kids and teens can attend the camp on two Saturdays.
The Bitcoin Academy will provide a MiFi connection, a one-year limited data plan, and a phone if necessary, because thecryptocurrencies are available online. Jay-Z, Dorsey, and the Shawn Carter Foundation are funders of the initiative.
Some people believe that the value of the coin could be used for disenfranchised communities or people who don't have access to other forms of financial investment. According to a study done by the University of Chicago, the majority of investors in cryptocurrencies are under 40 years old, and do not have a college degree.
While an open-for-all network for digital currency may be ideal, the reality is not. A group of researchers analyzed data on cryptocurrencies and found that it is propped up by a small group of people.
As the digital currency is still taking shape, it is not clear what the future holds, and whether getting more members of lower-income neighborhoods involved could potentially unlocks the currency's true potential, or if it would pose a financial risk for them.
Jay-Z encourages people to own real estate in order to achieve financial freedom in the Black community. Jay-Z raps about being rich and dying broke. Jay-Z invested in Altro, a Black owned app that helps its users build credit through existing spending habits. The academy wants to expand beyond the houses.
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